China’s Real Estate Listed Company Capital Structure Influencing Factors Of The Empirical Research

Capital structure problem has become a common concern of international and domestic and scholars. Scholars take a far broader investigation of influence factors of listed corporate capital structure. Because of different selected data, influence factors of corresponding variable selection and investigate method, the results acquired by these scholar are diverse from each other. China’s capital market is late in getting developed, the economic system and financial system is special, investigation of influence factors of the corporate capital structure seems to be a complex problem. In recent years, China’s real estate industry developing rapidly, it has basically become the top beam of the national economy pillar. Listed real estate companies in China have the characteristics like high debt ratio, drab financing way, overly attached to financial institutions credit etc, thus to our country real estate industry capital structure influence factor, grinds only in the analysis of financing preference of real estate enterprises has important guiding significance and guard against financial risks.The paper select shenzhen and shanghai real estate listed companies during2011and2013in our country as research object, according to the main line:nearly shape review on the research of capital structure theory, Chinese and western, listed real estate companies capital structure present situation, enterprise, the company capital structure traits influence factors analysis, conclusion and prospect, by using SPSS statistical software, through the establishment of reasonable econometric model, we make statistics and elaborate the listed real companies in China from financing way, and asset-liability ratio, comprehensive and systematic analyze the relationship between capital structure of a company and its quality. The empirical analysis demonstrate that as (1) the growth rate of total assets, the logarithm of total assets and mortgage assets and the proportion of assets and liabilities rate showed a significant positive correlation;(2) operating income, net profit, liquidity ratio and asset liability rate was significantly negatively correlated;(3) the equity concentration degree, income tax rate, independent directors ratio and asset liability rate showing is not obvious correlation.Finally, on the basis of normative research and empirical research, we put forward some advices to help real estate companies optimize their capital structure, the future research is forecasted.